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#101 User is offline   hukildaspida 

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Posted 11 December 2014 - 01:25 PM

Any updates on this?

Liquidator turns heat on Coffey
REBECCA STEVENSON
Last updated 05:00 11/09/2013

http://www.stuff.co....-heat-on-Coffey

A Wellington businessman entangled in a government corruption scandal could face legal action brought by the liquidator of his collapsed security companies.

Paul Coffey received confidential listings of government department security officers from former ACC national property manager Malcolm Mason, who was sentenced to 11 months home detention on bribery and corruption charges in 2011.

Coffey's security companies Alligator Security and Independent Monitoring Systems provided security installations and monitoring systems to customers in Wellington and Auckland. Alligator's clients included the Department of Internal Affairs, Department of Labour and ACC.

Coffey sold the assets of the companies to former staff Liza Anderson and Paul Hodson in July 2011, a day before they were liquidated by Inland Revenue (IRD) for non-payment of more than $750,000 in tax.

The two collapsed companies, renamed WC1 and CW2, owe creditors more than $1.6 million. IRD is owed about $700,000. A spokesperson for the department said it would not comment on individual taxpayers' matters or on-going investigations.

The companies' liquidator, Deloitte, made a confidential settlement with Hodson and Anderson last week after concern the assets had been sold at below market value.

Deloitte's David Vance said he could not disclose the terms of the agreement except to say there had been no acknowledgement of wrongdoing by either party.

Vance said he was considering potential legal action against Coffey for alleged reckless trading.

"Our focus was bringing to a head the under value sale issue which is now settled. Our focus is now shifting to the reckless trading claim."

Coffey could not be contacted.


- BusinessDa
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#102 User is offline   hukildaspida 

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Posted 20 October 2015 - 01:46 PM

Thanks NBR court reporter Hamish McNicol for this update on Paul Cornell Coffey.

This sure has dragged on for years and we are somewhat surprised http://www.acc.co.nz do not have a press release about this on there website as it is effectively ACC Fraud.

Interesting comments from a reader in the link.


Court Report: Expensive taste

NBR Radio Friday October 2, 2015

http://www.nbr.co.nz...taste-nr-179563



A colourful fraudster who stole more than $64.5 million from South Canterbury Finance has been denied parole this week.

NBR court reporter Hamish McNicol says the Parole Board was not convinced Gavin Clifford Bennett, who was in 2012 sentenced to eight years in jail after pleading guilty to submitting nearly 900 false invoices to South Canterbury Finance over six years, would not pose any risk to the community.

Bennett’s “unprecedented” fraud involved the use of his company DataSouth to run a ponzi-style network of loans to sustain a lavish lifestyle, channelling $7.8 million to personal New Zealand and Australian bank accounts or credit cards.

Mr McNicol says the spending included nearly $A1 million in regular payments to “various female companions,” $A463,000 in rental payments for luxury apartments, $A429,000 on food and beverages and $A163,000 on designer clothes from Louis Vuitton, Cartier, Chanel, Georgio Armani, Gucci, Harrods in London and Bloomingdales in New York.

The Parole Board says Bennett is “ashamed of his offending but requires a safety plan for his reintegration into the community before he next appears in December.

Otherwise, Mr McNicol details a story about a man who was tied up with an ACC corruption scandal who has been found guilty of more than $1 million in tax fraud, as featured in today’s NBR print edition.

Paul Cornell Coffey was last month found guilty of 79 of 97 tax fraud charges relating to the unpaid tax obligations of the two companies, having instead spent the money on multiple luxury cars, apartments and “entertainment.”

The judge found the issue is not about the legitimacy of the spending, which included an Aston Martin, BMW, and Hummer, but rather the “level of expenditure” at a time the man’s businesses were not paying tax.



Read more from NBR Radio

Email NBR: [email protected]
1 · Got a question about this story? Leave it in Comments & Questions below.
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#103 User is offline   hukildaspida 

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Posted 09 September 2016 - 04:43 PM

Businessman tied to ACC bribery runs into new cashflow issues

CHLOE WINTER

Last updated 09:20, August 24 2016


http://www.stuff.co....cashflow-issues

http://www.stuff.co....71987249108.jpg

A company part-owned by a businessman who previously bribed an ACC boss, is in liquidation owing close to $7 million.

Gregory Alexander Hutt's business High Street Management was put into liquidation on April 18, as the company was unable to pay debts as they fell due.

Soon after it was put into liquidation, the company went into receivership but was later returned to liquidation.


The receivers outlined in their first and final report that the company owed more than $6.96m to its creditors.

READ MORE:
* Wellington businessman bribed ACC worker
* ACC calls in SFO over Wellington building lease
* Millions in assets seized from criminals
* Free trip part of inquiry into ACC
* Coffey back in hot water over sold-off assets




High Street Management was founded in 2006 under the name Hi-Tech Commercial Interiors (Auckland) and traded as a business in the construction industry.

In 2011, Hutt was tied up in an ACC scandal involving former ACC manager Malcolm Mason.

Mason was sentenced to 11 months' home detention in March 2011 after pleading guilty to three charges of corruption and bribery.


He admitted corruptly receiving $160,000 from Hutt who built and then leased a building to ACC.

Hutt was charged with corruptly giving Mason a gift and corruptly bribing him with intent to influence him. He was sentenced to home detention.

Previously, Hutt lived in the Wellington suburb of Roseneath, but Companies Office records show he now resides in Auckland.

Four years later, High Street Management, which Hutt owns with two trustee companies and Martin Price, began facing cashflow issues.

The company suffered cash flow issues when money owed from a large construction contract was not paid.

Receivers said the company has several avenues of recovery, including at least two large construction contract claims that remain outstanding, and money owed by a former employee.

Three secured creditors are owed about $1.9m, while three preferential creditors are owed about $15,000, and 75 unsecured creditors are owed more than $5.05m.

Following the final receivers report, Hutt and trusts associated with him instructed the receivers to resign, in turn bringing the company out of receivership and putting it back into liquidation.

Hutt referred questions to fellow shareholder Marty Price, who in turn referred questions to liquidator David Petterson.

Petterson said he would be releasing a second liquidator's report in a month.

- Stuff
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